How Kamala Harris Can Rebuild Biden’s Burned Crypto Bridges

Can Kamala Harris bridge the gap between the Democratic Party and the crypto world after Joe Biden’s impact? Find out how.

There have been some important developments in the US political arena lately that are worth highlighting.

After Joe Biden abruptly decided to Start the presidential race and endorsed Kamala Harris, quickly gaining support from her party’s donors, elected officials and other leaders.

An Associated Press poll indicate that Harris now appears to have the support of about 3,107 delegates, well above the 1,976 needed to claim the nomination.

This is an unofficial count, as Democratic delegates are free to vote for the candidate of their choice when the party chooses its new nominee in August.

However, Harris faces some tough challenges. During Biden’s tenure, the Democratic Party has garnered a lot of negativity from the crypto community, from overregulation to abuse of power.

Now, the cryptocurrency industry is eager to know how Harris might diverge from Biden’s position and counter the former president and Republican candidate. Donald Trump.

Meanwhile, Trump has openly declared himself a “crypto candidate” at his rallies and will speak at the Bitcoin Conference in Nashville, Tennessee, on July 25. This will be the first time a presidential candidate has attended the world’s largest annual Bitcoin celebration (BTC).

Adding to the intrigue, news that Harris was scheduled to speak at the conference was buzzing. David Bailey, CEO of the Bitcoin 2024 conference, revealed ongoing discussions with Harris’ campaign about her potential appearance at the highly anticipated cryptocurrency event.

However, it has just been confirmed that Harris has decided NOT to speak at the Bitcoin 2024 conference.

Meanwhile, the decentralized prediction market Polymarket has view a shift in the odds of winning the “2024 presidential election winner,” with Harris’s chances increasing to 36% and Trump’s falling to 61% from a high of 72%, though he remains the favorite.

Let’s dive deeper into the key challenges and strategic moves needed for Harris to win over crypto voters and improve her election prospects.

Trump’s Crypto Move and Harris’ Strategic Opportunity

Kamala Harris will face a unique set of challenges and opportunities as she attempts to take over the cryptocurrency community.

There are rumors that Trump might to announce Bitcoin as a strategic reserve for the United States at the Bitcoin Conference on July 25, speculation triggered by Dennis Porter, co-founder of Satoshi Act.

In the context of these developments, entrepreneur and Bitcoin enthusiast Mark Cuban said that Harris’ team reached out to him with several questions about cryptocurrencies, demonstrating his interest in understanding and engaging with the industry.

Cuban also hinted that Harris may be more open to business, artificial intelligence and cryptocurrencies than her predecessor.

Additionally, as California attorney general and later a U.S. senator, she advocated for technology regulation and addressed issues such as misinformation and online harassment. Her efforts on AI regulations As Vice President, he will further enhance his credibility in discussions on technology and cryptocurrencies.

Despite this solid foundation, financial filings reveal that neither Harris nor her husband have investments in the cryptocurrency sector, preferring traditional assets such as Treasuries and emerging markets.

However, his previous campaign’s hiring of Ryan Montoya, former Sacramento Kings technical director and a pioneer in Bitcoin acceptance in sports, suggests an indirect connection to the world of cryptocurrencies.

Montoya’s current role in the White House, while primarily focused on planning, suggests an awareness of crypto trends within Harris’s circle.

Adding another layer of strategy, Harris’s choice for vice president will be revealing. Many of the names currently being considered consideredlike Pennsylvania Governor Josh Shapiro, North Carolina Governor Roy Cooper, Arizona Senator Mark Kelly, and Transportation Secretary Pete Buttigieg, are known for their pro-crypto stances.

Picking a running mate with this outlook could signal to the crypto community that Harris is serious about creating a crypto-friendly environment, further solidifying her position.

Cryptocurrency Community Calls for Change

Tyler Winklevoss, co-founder of Gemini and a recent $1 million donor to Trump’s campaign, didn’t hold back in sharing his criticism of Harris on X. He tweeted that Harris should take drastic measures to win back the crypto vote.

Winklevoss insisted that he must fire SEC Chairman Gary Gensler, end the SEC’s enforcement actions against legitimate actors, and halt Operation Chokepoint 2.0. Without these actions, Winklevoss believes Harris has no chance.

Rep. Tom Emmer of Minnesota also added to the chorus of concerns. Emmer cited concerns about Harris potentially nominating Elizabeth Warren or Gary Gensler as her Treasury secretary. He argued that their approach could harm free markets and stifle innovation.

What does seem to be common is the collective disdain for Gensler within the cryptocurrency community. Many believe his tenure led to several coercive actions that stifled the market, making him one of the most loathed figures in the cryptocurrency world.

Meanwhile, Wayne Vaughan, founder of crypto project Tierion, expressed similar frustrations. He said Democrats have spent years trying to undermine Bitcoin and suggested Harris’ interest in speaking at the Bitcoin Conference was simply a desperate attempt to win votes and funds from pro-crypto Super PACs.

Adding a touch of optimism to Harris, Fox News reporter Eleanor Terrett cited a letter sent to her by the Chamber of Digital Commerce.

The letter urged Harris to take a forward-thinking approach to digital assets by including pro-crypto language in the Democratic Party platform, choosing a crypto-friendly running mate, and engaging with industry leaders.

The letter expressed hope that, under Harris’ leadership, the Democratic Party could adopt a more pro-digital asset stance, aligning itself with the aspirations of many Americans who believe in cryptocurrencies.

What does the future hold for Harris and cryptocurrencies?

The growing relevance of cryptocurrencies in the United States is clear. A scale of gray relationship reveals that nearly one in three American voters are more likely to invest in Bitcoin or other cryptocurrencies after the approval of a spot Bitcoin ETF.

Additionally, 47% of American voters plan to include cryptocurrencies in their investment portfolios, reflecting a fundamental shift in public sentiment.

Meanwhile, Donald Trump, who had previously criticized cryptocurrencies, has radically changed his stance. In 2019, he said: “I am not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on nothing.”

Moving forward to the present, Trump has hugged crypto on the campaign trail, proclaiming on social media that he is “very positive and open-minded about cryptocurrency companies and everything related to it.”

In June he also met with Bitcoin miners and declared on his Truth Social account that Bitcoin mining could be “our last line of defense against a CBDC,” expressing a desire for the remaining Bitcoin to be mined in America.

Despite Trump’s new embrace of cryptocurrency, data suggests that cryptocurrency is a bipartisan issue. Ownership rates are nearly identical among Republicans (18%) and Democrats (19%), suggesting that cryptocurrency could become a unifying factor in American politics, transcending traditional party lines.

The Biden administration has faced extreme criticism for its handling of cryptocurrency regulation. The prolonged Ruffle against SEC case, aggressive actions against Coinbase and other exchanges, as well as the broad classification of all cryptocurrencies except Bitcoin as securities, have created a hostile environment for innovation in the cryptocurrency industry.

The administration has now attempted to correct these problems approving identify ETH ETFs, indirectly recognizing them as commodities.

Harris has a unique opportunity to correct these missteps and increase the Democratic Party’s appeal to the crypto community. By addressing industry concerns and adopting a more pro-crypto stance, she can appeal to a broad base of voters.

The cryptocurrency industry has already outlined its suggestions, and it remains to be seen how Harris will respond. If she can effectively communicate her position on cryptocurrency and propose concrete actions, she can win over this influential bloc of voters.

Regardless of the outcome of the presidential election, it seems likely that cryptocurrencies will win.

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